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ECO 304K
INTRODUCTION TO MICROECONOMICS
Unique # 33645
TTh 3:30-5, JES A121A
Fall 2009
Instructor: Thomas Wiseman
Office: BRB 2.114
Phone: 475-8516
Email: wiseman@eco.utexas.edu
Office hours: Wednesdays 9:30-11:30, Thursdays 2-3, and by appointment
TAs: To be announced ...
SI: This class will feature Supplemental Instruction discussion sections (SI). These optional
sessions will help reinforce and clarify course content PLUS help you to learn the
material more effectively. SI also gives you a smaller forum for discussing course
content and getting to know your classmates. Regular participation in SI discussion has
been shown to improve students' performance by an average of one-half to one full letter
grade. Meeting times and places are to be announced ...
Welcome (back) to the University of Texas at Austin!
Course overview:
In this course we will learn economics principles relating to the behavior of individual
consumers, firms, and markets. I expect that in the process, you will come to appreciate the great power
and some of the shortcomings of economic theory in explaining the world.
Textbook:
Our required text is Principles of Microeconomics, 1st edition, by James D. Miller
(Irwin/McGraw-Hill 2009, ISBN 978-0-07-340283-3). If you want additional resources, there are many,
many other textbooks that cover much of the same material in somewhat different styles.
NOTE: Amazon.com and some other online booksellers list the Miller text as being published in 2008
rather than 2009. Don't worry; it's the right book.
Exams:
There will be eight short in-class multiple-choice quizzes, two 75-minute in-class midterm
exams, and a final exam. The dates and coverage of these exams are listed in the class schedule. The first
midterm will consist of short essay questions; the second midterm will have a mix of short essays and
multiple-choice questions; and the final exam will have all multiple-choice questions. You must bring a
#2 soft lead pencil to each of the exams and quizzes. You may bring a simple calculator, but not one that
is able to store and display text. No make-up exams will be given.
Story:
A brief economic analysis of an event that you have observed in the real world, in a book or
movie, or in your own life will be due on the last class day. (Hard copies only, please; no email
attachments.) In the first paragraph of your story, you should describe the event. In the second
paragraph, you should analyze how the event illustrates a specific economic concept that we covered in
class. (The following books provide examples of appropriate topics: Economics at the Movies by Dick
Mateer (Thomson 2005), and Economics is Everywhere by UT's Prof. Dan Hamermesh (Worth 2010).)
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Course evaluation procedures:
Your course grade will be determined as follows:
? Quizzes 15%
o (We will drop your two lowest quiz grades, so that you may miss two quizzes without lowering
your average.)
? Midterms 20% each
o (If you miss a midterm, the 20% weight will be added to the final exam.)
? Final Exam 40%
? Story 5%
NOTE: Plus/minus grades will be assigned.
The Wiseman Award for Excellence:
If your score on the final exam is in the top 5% of the class, AND
you take both midterms, AND you turn in a passing story, you will receive an automatic A for the course.
Lecture capturing:
This class is taking part in a lecture-capturing experiment. As part of this
experiment, audio and projected material presented in class will be recorded and made available to
students enrolled in the class via Blackboard. To access this material, you will need to log into
Blackboard and click on the link for this class. Along the left hand side of the Blackboard page for this
class, you will see a link labeled "Class Capture." Click on this link to show all recordings available to
you.
To watch a recording, simply click on the link for that recording, re-enter your UTEID information and
select the version you want to watch. (Use High Speed if you have a fast internet connection and Low
Speed if you have a slower connection.)
Please remember that this is a trial of the lecture capturing system. It is possible that an issue might arise
that would prevent material from being made available in a timely fashion or at all. Also, please note that
all material presented is the intellectual property of the presenter and/or the University of Texas at Austin.
Any distribution of this material without the written consent of the property owner(s) is unlawful.
Special needs:
The University of Texas at Austin provides upon request appropriate academic
accommodations for qualified students with disabilities. To determine if you qualify, please contact the
Division of Diversity and Community Engagement, Services for Students with Disabilities at 471-6259.
If they certify your needs, I will work with you to make appropriate arrangements.
Policy on scholastic dishonesty:
Students who violate University rules on scholastic dishonesty are
subject to disciplinary penalties, including the possibility of failure in the course and/or dismissal from
the University. Since such dishonesty harms the individual, all students, and the integrity of the
University, policies on scholastic dishonesty will be strictly enforced. For further information, please
visit the Student Judicial Services web site at deanofstudents.utexas.edu/sjs/.
Summary:
Introduction to Microeconomics can be a tough course. Hard work and perseverance,
however, will most likely pay off, so don't be discouraged. Utilize your fellow students, your TAs, and,
of course, me. It's my job to help you succeed.
Class Schedule
Economics 304K, Fall 2009
Date Topic Chapters in Miller
Thursday, August 27 Nature of economics 1
Tuesday, September 1 Demand and supply 2
Thursday, September 3 Equilibrium; Quiz 1 3
Tuesday, September 8 Equilibrium, elasticity 3, 4
Thursday, September 10 Elasticity; Quiz 2 4
Tuesday, September 15 Policy analysis 5
Thursday, September 17 Policy analysis; Quiz 3 5
Tuesday, September 22 Economic wealth 6
Thursday, September 24 Economic wealth; Quiz 4 6
Tuesday, September 29 Economic wealth 6
Thursday, October 1 Midterm 1
Tuesday, October 6 Costs 8
Thursday, October 8 Costs 8
Tuesday, October 13 Perfect competition 9
Thursday, October 15 Perfect competition, monopoly; Quiz 5 9, 10
Tuesday, October 20 Monopoly 10
Thursday, October 22 Oligopoly and game theory; Quiz 6 11
Tuesday, October 27 Oligopoly and game theory 11
Thursday, October 29 Midterm 2 Covers Entire Course So Far
Tuesday, November 3 Trade 7
Thursday, November 5 Trade 7
Tuesday, November 10 Externalities and environment 13
Thursday, November 12 Externalities and environment; Quiz 7 13
Tuesday, November 17 Incomplete information 15
Thursday, November 19 Incomplete information; Quiz 8 15
Tuesday, November 24 Inequality 16
Thursday, November 26 Thanksgiving
Tuesday, December 1 Government imperfections 12
Thursday, December 3 Review; stories due 17
See Registrar's website Final Exam Covers Entire Course